Friday, October 05, 2012

Or 'Are you smarter than a third partier?'

The economist Alex Tabarrok has proposed transforming the
debates into a game show -- “So You Think You Can Be President”
-- that would include segments such as this:

“Presidential candidates are provided with an economic
scenario (mortgage defaults are up, hedge funds are crashing,
liquidity is tight). Three experts propose plans. The candidate
must choose one of the plans. After the candidate chooses, the
true identities of the ‘experts’ are revealed. One is a trucker,
another a scuba diver instructor and the last a distinguished
economist. Which did the candidate choose?”

Maybe Tabarrok is on to something. If we want the
candidates to entertain us, we can surely design a format that
does exactly that -- while still showcasing the candidates’
mastery of skills actually needed in the Oval Office. Choosing
from competing ideas is certainly among them. Snappy one-liners
went out with vaudeville.

Posted at 03:45:57 PM

Comments

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This game would seem to say more about the expertise of economists than the decision-making of the candidates. Given the role of so-called experts in our current state of affairs, I'd be inclined to go with the trucker or the scuba diver.

And they never will be able to come up with successful plans because centralized plans and economic success are antithetical. Is it therefore a useless occupation? It doesn't have to be, if the focus is shifted from forecasting, planning and meddling to developing better understanding how various structural factors (legal, regulatory, taxation, modes of social assistance, etc.) affect human economic behavior and therefore chances of economic success.

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